Increasingly, the public is going on-line for a variety of transactions and information. More than 30% of the population has personal computers and modems. Furthermore, over 60% of people with bank accounts have personal computers and modems. At the same time the number of people subscribing and using on-line services is greater than 40 million, and this number is growing at an exponential rate.
As the public uses computers with a greater frequency, more financial transactions are being automated and performed via computer. There is good motivation to bank on-line. On-line banking provides convenience, safety, cost savings, and potentially new types of services not readily or conveniently available via in-person banking. Such potentially new services include access to superior up-to-the minute information, on-line investment clubs, information filters, and search agents.
With the increase in the number of financial transactions performed on-line, the convenience and cost-savings of banking on-line also increases. Additionally, new and more powerful methods are being developed for protecting the security of financial transactions performed on-line. The result is that convenience, cost savings and enhanced security have combined to make on-line financial services more useful and effective, thereby driving the development of newer and more integrated services. More sophisticated financial systems that offer greater integration and a high degree of user control enable on-line users to synthesize, monitor, and analyze a wide array of financial transactions and personal financial data.
Currently, methods exist for users to perform a variety of on-line financial transactions. These methods however fail to offer on-line lending including qualification verifications. For example, users may bank on-line, thereby enabling performance of transactions, such as transfers from one account to another, but must already have an established account or line of credit in the financial institution.
In view of the increase of electronic commerce in the market place the present subject matter discloses a unique on-line account opening method. The disclosed subject matter enables a stream-lined entry to an on-line lending presence.
A method is needed in which customers may apply for a loan on-line and be enrolled in financial offerings as a result of qualification and verification of the qualification based on a set of criteria.
In order to obviate the deficiencies of the prior art, the present disclosure presents a novel method for interfacing with a financial institution using a computer interface. In the method, a customer's request is received from a customer that has reached a predetermined webpage of the financial institution using a computer network. A first content is presented to the customer, and a first input is received from the customer. A customer is authenticated if the customer is determined to be an existing on-line banking customer. A first set of information is received from the customer and presented back to the customer for review.
In the method, a second set of information is further received from the customer. The terms and conditions are presented to the customer. An authorization to proceed with a credit check and an application are received from the customer. A risk analysis is performed using information received from the customer and the application of the loan is subject to approval based at least in part on the risk analysis. The third set of information is received from the customer and a fourth set of information is provided back to the customer. The fourth set of information related to the costs and schedule associated with the line of credit or loan product.
Another method is also presented for interfacing with a financial institution using a computer interface. The method includes receiving a product selection from the customer along with a first set of identification information. The method further includes a review the first set of information and a determination of the identity of the customer from the first set of information. If the customer identification cannot be made the process terminates.
A determination is made whether the customer is an existing on-line client of the financial institution and, if so, fields of the application for the selected product based on information known from the preexisting relationship are pre-populated. A third set of information is received from the customer that includes information relating to collateral, customer income, customer asset, customer liability, and combinations thereof.
The method determines an amount of the line of credit or the amount and term of loan product. Additional disclosures and an application are received from the customer for the chosen product or products.
These and many other objects and advantages of the present invention will be readily apparent to one skilled in the art to which the invention pertains from a perusal of the claims, the appended drawings, and the following detailed description of the preferred embodiments.